KB Financial Group said Wednesday it has named Vice President Hur Yin as new CEO of its flagship unit KB Kookmin Bank.

According to the group, its governance committee held a meeting and decided the 55-year-old as the bank's new chief for the next two years.

After getting formal nomination today, Hur will be appointed as the chief at the bank's shareholder meeting on Oct. 16.

The group said he will start his term from Nov. 21, in order to pair it with that of the group's Chairman Yoon Jong-kyoo.

The committee said it highly recognized his expertise in adopting new business trend as well as experiences at the bank's core departments, such as strategy, credit review, sales and info-tech.

"In the nominating process, the committee recognized that he has vision to lead the bank to successfully deal with coming changes preemptively and ability to promote values that KB is pursuing," the committee said in a statement.

Before commencing his term, Hur will prepare for the separation of the bank's CEO and the group's Chairman post, as well as blueprint of the bank's management for the next two years.

Chairman Yoon has been doubled as the bank's CEO and the group's chairman for the past two years. After the group decided to give two more years to Yoon as the group's chief, the committee decided to separate the two posts during their previous meeting last month.

Hur started his bank career as a banking system developer in 1988. Since then, he worked in the field of corporate financing and loan review in the bank. He is currently the head of KB Kookmin Bank's sales group and served as its chief financial officer from January 2015 to 2016.